US stock exchange supervision checks crypto companies that act as qualified storage in New Rule: Report

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The United States Securities and Exchange Commission (SEC) plans to propose new rules that would tighten the requirements for cryptocurrency companies to become qualified custodian banks for institutional fund managers.

Although the proposal draft is presented on Wednesday, the affected area remains unclear, Bloomberg reported , citing the matter.

crypto company must be qualified as qualified storage to a precise examination

According to the report, the SEC intends to submit a draft proposal with rule changes that would make it difficult to make crypto companies.

The new rules would have an impact on hedge funds, private equity companies, some risk capital companies and pension funds, since they are obliged to secure customers' assets from qualified storage.

If this is approved, the companies concerned must transfer the assets of their customers to other storage. You can also undergo exams of your custody and other effects.

sec intensifies raid against crypto companies

The step of the SEC would be the last to contain the risks that could represent crypto for the wider financial system. The agency has already taken an aggressive attitude towards the crypto sector after a long list of companies experienced its downfall last year and pulled the funds of investors with it.

These cases include the FTX crypto exchange, the bankruptcy of which caused infection that led to the insolvency of other companies and the disclosure of the actual state of customer assets.

Although a legal dispute against the founder and the executives of FTX exists The SEC has confirmed its determination to examine the emerging industry, as can be seen in its cases against crypto loan and Blockfi . The regulatory authority has insisted that most crypto tokens and offers should be classified as securities and should be registered in order to ensure proper supervision and disclosure.

Before the public proposal is made accessible, a majority of the five -member sec would have to agree. The agency would then have to put together the feedback, vote again and complete the rule before it comes into force.

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